Affording Higher Education California Lutheran University Brianna Gomez

Affording Higher Education California Lutheran University Brianna Gomez, Financial Aid Counselor Fall 2020 Oak Park High School

Highlights • Financial Aid Principles • The Application Process • Understanding Colleges Costs • Types of Financial Aid • Questions

Financial Aid Principles • Financial Aid is designed to bridge the gap between what the school actually costs and what you can afford. Families should expect to pay a portion of the student’s college costs • Governmental Convention: To the extent that they are able, parents have the primary responsibility to pay for their dependent child’s education • Students also have a responsibility to contribute toward their educational expenses

Dates and Deadlines to Apply Priority filing period: Oct. 1, 2020 to March 2 nd, 2021 Step 1 – Complete one of the free applications (not both): 2021 -2022 Free Application for Federal Student Aid (FAFSA), OR 2021 -2022 CA Dream Act App (CADAA)–Deadline is March 2 nd, 2021 Step 2 – Submit or make sure the student’s High School will submit the: 2021 -2022 Cal Grant GPA verification form to the California Student Aid Commission (CSAC) not later than March 2 nd, 2021 Step 3 – Submit other applications some schools may require: Ask all colleges you apply to if other forms or applications are required for financial aid (e. g. CSS Profile)

CSS Profile • Financial Aid application service of the College Board • Available ONLY online: https: //cssprofile. collegeboard. org/ • 2021/22 application available October 1, 2020 • The university will let you know if this is a required form • Cost: $25 for initial application & sent to 1 school. $16 for each additional school • Some of the 200 schools that use the CSS Profile are: USC, Stanford, Scripps, Cal Tech, Occidental, UCSF, Westmont, Duke, Princeton, Amherst and others

The Free Application for Federal Student Aid Apply on-line at: https: //studentaid. gov/h/apply-for-aid/fafsa (FAFSA) (fastest, safest, and most accurate way to file) Basic Eligibility Requirements to file a FAFSA: • be a U. S. citizen or an eligible noncitizen (visit website for list of eligible statuses) • have a valid Social Security number (parents are not required to have an SSN) • be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25). Students can register while completing the FAFSA • The complete list of requirements can be found on the FAFSA website

FAFSA Cont. - Creating your FSA ID • Students/parents need to create an FSA ID and password: ww. fsaid. ed. gov. It is not required to file a FAFSA, but it is the fastest way for students and parents to sign the application and have it processed • The FSA ID allows students and parents to identify themselves electronically to access Federal Student Aid websites (parents without SSN can print, sign, and mail the signature page)

FAFSA Continuation- Highlights • The 2021 -2022 application will ask for 2019 tax and income information • Use the FAFSA on the Web Worksheet (FOTW) before you begin the FAFSA. It allows you to gather all the information you will need before filing your FAFSA https: //studentaid. gov/sites/default/files/2020 -21 -fafsaworksheet. pdf (the 2021/22 version will be available by Oct. 1 st) • IRS Data Retrieval Tool- Highly recommended: – It’s the easiest way to provide your/your parents tax return information – It’s the best way of ensuring that your FAFSA has accurate tax information – You won’t need to provide a copy of your/your parents’ tax returns to the school, if selected for verification – Transferred data is masked • FAFSA Applicants are eligible for federal, state, and institutional aid

Apply on your phone! Available in the App Store under Federal Student Aid

The California Dream Act Application Apply on-line: https: //www. csac. ca. gov/california-dream-act (CADAA) Basic Eligibility Requirements to file a CADAA: • • • Students who are not eligible to file a FAFSA but meet AB 540 requirements are eligible to file the CA Dream Act Application (AB 540 requirements are listed on website) The student is not required to have a Social Security Number (Students who applied to the DACA Program should file a CADAA, even if they have an SSN) CADAA Applicants are only eligible for state and institutional aid

Dependent or Independent? If you can answer No to all of the following questions, you are considered a dependent student and generally your parents must provide parental information on your FAFSA/CADAA: • Were you born before January 1, 1998? • As of today are you married? • At the beginning of the 2019 -2020 school year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, Ph. D, Ed. D, or graduate certificate, etc. )? • Are you currently serving on active duty in the U. S. Armed Forces for purposes other than training? • Are you a veteran of the U. S. Armed Forces? • Do you now have or will you have children who will receive more than half of their support from you between July 1, 2019 and June 30, 2020? • Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2020? • At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court? • As determined by a court in your state of legal residence, are you or were you an emancipated minor? • Does someone other than your parent or stepparent have legal guardianship of you, as determined by a court in your state of legal residence? • At any time on or after July 1, 2018, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? • At any time on or after July 1, 2018, did the director of an emergency shelter or transitional housing program funded by the U. S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless? • At any time on or after July 1, 2018, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

FAFSA REMINDERS • Data is sent to all schools listed on the FAFSA • Student must enter a California school first on the FAFSA for data to be sent to the California Student Aid Commission (CSAC) to determine if student is eligible for a Cal Grant • Students will receive a Student Aid Report (SAR) once the FAFSA is completed • Approximately 103 questions, of which only 29 are related to income and assets

What happens after you submit your financial aid application? – The financial aid application collects demographic and financial information that is used to calculate the student’s Expected Family Contribution (EFC) – The EFC is a measure of your family’s financial strength and is used by a college to calculate the amount of student aid a student is eligible to receive – Application’s data and EFC are forwarded to all the schools listed on the application – Some school(s) may request additional documents

Special Circumstances • If there has been, for example, a significant change in income from the tax year that the application is based on, the changes cannot be reported on the FAFSA/CA Dream Act Application – Still report 2019 income information for the 2021/22 application, but… • Call the Financial Aid Office to determine the institution’s policy on applying for a “Special Circumstance” – many will require a written explanation and additional documentation • Reasons for submitting a Special Circumstance appeal – Change in employment status/high medical expenses/death of a parent – Student cannot obtain parent information

Reapplying Each Year • You must complete a new FAFSA/CADAA each year you intend to receive financial aid • Since the financial aid application asks for the tax information from 2 year’s prior, your award can vary from year to year

Understanding College Costs • Direct costs: Tuition, fees, housing, meals, etc. • Indirect costs: Books, transportation, etc. • Direct costs+Indirect costs=Cost of Attendance (COA) • COA varies widely from college to college

Calculation of Financial Aid Cost of Attendance - Expected Family Contribution = Financial Need • Because COA varies widely from college to college, Financial Need will also vary depending on the college

Sources of Financial Aid • Federal government • Largest source of financial aid • States • Usually have residency requirements • Colleges/Universities • Offer both merit and need-based aid • Private sources • Small awards add up!

Types of Financial Aid Grants • Federal Pell Grant - $6, 345 maximum estimated award for 2021/22 • Federal Supplemental Educational Opportunity Grant (FSEOG) • Institutional Grants • Cal Grant (it requires to be a CA resident and March 2 nd deadline) (https: //www. csac. ca. gov/) • CA Middle Class Scholarship: state of CA funded program that provides undergraduate students with family incomes and assets up to $171, 000 a scholarship to attend University of California (UC) or California State University (CSU) campuses. MCS scholarships are not set amounts and may vary by student and institution:

Cal Grant 2021/2022 Tentative Award Amounts Cal Grant A: $12, 570 – UC schools $ 9, 084 – private universities $ 5, 742 – CSU schools Cal Grant B: $1, 656 for year one, then includes Cal Grant A amounts for years 2 -4 Cal Grant C: Up to $547 for books, tools, equipment, and up to $2, 462 for tuition and fees at trade or technical school (not a community college)

Cal Grant, continued

Work-Study • Federal Work-Study – Need based opportunities – Self-help aid – Gives students the opportunity to work oncampus – Each college awards according to different criteria – Question on the FAFSA: “Are you interested in being considered for work-study? ” Selecting “yes” does not guarantee a job nor obligate the student to accept a job but some schools use the response as a way to prioritize who is awarded

Loans • Federal Direct Loans: 2. 75% – Subsidized (Need based) – Unsubsidized (Non-need based) • Federal Direct Parent PLUS Loan: 5. 30% – Credit Check Required (Non-need based) • Alternative/Private Loan (Non-need based) – Variable or fixed interest rate based on credit • CA Dream Loan Program - For students who meet the AB 540 requirements, file a Dream App, have financial need and are attending a UC/CSU – Interest rate matches the federal Direct Loan interest rate – Maximum annual loan amount - $4000 (determined by school) – Maximum aggregate loan amount $20, 000 – Subsidized Loan – No separate loan application

Scholarships • Institutional Scholarships – – Merit (GPA and test scores) Skill/Unique characteristic/Major (Fine Arts) Athletic Other (e. g. Cal Lutheran Public Price Promise) • Outside Scholarships – – Civic and Local organizations Churches Employers Private sources: (i. e. fastweb. com)

Outside Scholarships • Cal Lutheran’s Outside Scholarship Page: – https: //www. callutheran. edu/financialaid/scholarships-grants/outside-scholarships. html • Scholarship search websites: – Fastweb. com – Scholarships. com – Collegeexpress. com – Academicinvest. com – College-scholarships. com – Gocollege. com

Financial Aid Websites FAFSA Application: https: //studentaid. ed. gov/sa/fafsa Complete a New FAFSA, FAFSA renewal application, Apply for PIN CA Dream Act Application: https: //www. csac. ca. gov/californiadream-act - To apply for state financial aid Cal Grant & Other State Programs: https: //www. csac. ca. gov Information on Cal Grant & other state programs, Monitor your Cal Grant application, Forms College Board: www. collegeboard. org CSS/Financial Aid Profile, Financial Tip Sheets, General Financial Aid Information Fin Aid: www. finaid. org Financial aid information in English (not in Financial Aid speak!) Fast Web: www. fastweb. com Scholarship search site

Questions